央行上调外汇风险准备金率至20%：外贸企业如何应对汇率波动？
面对近期人民币汇率波动，中国人民银行继下调外汇存款准备金率后再次出手稳汇率。9月26日，央行官网公告称，为稳定外汇市场预期，自2022年9月28日起，将远期售汇业务的外汇风险准备金率从0上调至20%。
Facing recent RMB exchange rate fluctuations, the People's Bank of China has taken another measure to stabilize the forex market after cutting the foreign exchange reserve requirement ratio. On September 26, the PBOC announced it would raise the forex risk reserve ratio for forward sales from 0% to 20% effective September 28, 2022, aiming to stabilize forex market expectations.
远期售汇业务的作用机制
远期售汇是外贸企业常用的汇率避险工具，通过锁定未来汇率帮助企业规避风险。当人民币出现明显波动时，企业可提前锁定购汇成本，实现货币保值。
How Forward Forex Sales Work
Forward forex sales are a common hedging tool for exporters. By locking in future exchange rates, businesses can hedge against currency risks. When RMB shows significant volatility, companies can fix their forex purchase costs in advance to preserve value.
以出口企业为例：若企业3月预计9月将收到1000万美元，当时人民币处于升值高点。通过远期售汇业务锁定6.7的汇率后，无论9月实际汇率如何变化，企业均可按约定汇率兑换，获得6700万元人民币。
For example: An exporter expecting $10 million in September when RMB was strong in March could lock in a 6.7 exchange rate. Regardless of actual September rates, the company would receive 67 million RMB at the contracted rate.
政策影响分析
外汇风险准备金率上调至20%意味着：银行开展1000万美元远期售汇业务时，需计提200万美元准备金存放央行一年。这将促使银行提高远期购汇报价，从而抑制过度购汇需求。
Policy Impact Analysis
A 20% reserve ratio means banks must deposit $2 million with the PBOC for one year when conducting $10 million forward sales. This will lead banks to raise forward purchase quotes, curbing excessive forex demand.
专家观点
中银证券管涛表示，此举是应对汇率波动的有效宏观审慎措施。光大银行周茂华指出，政策通过市场化手段增加企业远期购汇成本，防止"羊群效应"导致市场非理性波动。
Expert Views
BOC Securities' Guan Tao called this an effective macro-prudential measure. Everbright Bank's Zhou Maohua noted the policy increases corporate hedging costs through market mechanisms, preventing herd behavior from causing irrational fluctuations.
企业应对建议
民生银行温彬建议外贸企业：
1. 树立汇率风险中性理念
2. 善用金融衍生工具对冲风险
3. 保持正常生产经营节奏
Corporate Recommendations
CMBC's Wen Bin advised exporters to:
1. Adopt exchange-rate risk neutrality
2. Utilize financial derivatives for hedging
3. Maintain normal operations
数据显示，8月银行结汇率达71%，显示在当前汇率水平下市场主体结汇意愿强烈，将成为支撑人民币汇率的重要力量。
Data shows August's forex settlement rate reached 71%, indicating strong willingness to convert forex at current rates, which will support RMB stability.
